Gold Rebounds as China Denies Ongoing Trade Negotiations with US

In a surprising turn of events, gold prices experienced a significant rebound on Thursday. This surge came after China made it clear that there are no current trade negotiations with the United States administration. The announcement has sent ripples through the market, affecting precious metal prices globally.

China Calls for Respect from the US

Chinese Foreign Ministry spokesperson Guo Jiakun urged Washington to stop its "threats" and approach Beijing with respect if it wishes to engage in dialogue. This statement was a direct response to US President Donald Trump's remarks the previous day, where he stated that the timeline for US tariffs on China rests in Beijing's hands.

Market Reaction to the News

The immediate market reaction saw gold prices jump by 1.36%, reaching $3,333.25 per ounce by 4:15 am ET. Palladium also saw gains, albeit modest, at 0.29%, trading at $931.11 per ounce. Conversely, silver and platinum experienced declines, with silver dropping 0.76% to $33.33 per ounce and platinum decreasing by 0.20% to $973.77 per ounce.